10 Nov 2014 07:00
RNS Reach
10 November 2014
Instem plc
("Instem" or the "Company")
Increasing momentum for Centrus-submit™ solution
Six new contracts secured totalling in excess of $1million
Instem (AIM: INS.L), a leading provider of IT solutions to the global early development healthcare market, announces that it has won six new contracts during the second half of 2014 for its Centrus-submit™ solutions ("submit™") with a combined order value totalling in excess of $1million.
About submit™
Instem's submit™ supports the Standard for Exchange of Nonclinical Data ("SEND"), which details the format and structure of non-clinical data for interchange between organisations and for submission to the US Food and Drug Administration ("FDA"). The offering creates and manages SEND study data throughout their lifecycle and will allow these clients to share, visualise and analyse study data more efficiently.
Three of the world's top five preclinical contract research organisations ("CROs") purchase submit™
Submit solutions have been selected by three world-leading preclinical CROs to enable them to better meet the SEND related needs of their pharmaceutical and biopharmaceutical company sponsors, without placing additional burdens on research and IT staff.
Agreements signed with two global healthcare providers for submit™
Instem has also contracted with two Fortune 500 global healthcare leaders to provide its complete submit™ solution suite, which will enable them to comprehensively support and utilise SEND for both internal studies and those conducted by external partners, such as CROs. These two clients combined have more than 200,000 employees and conduct essential research in more than 60 countries. Guidance by the FDA was released earlier in 2014, paving the way for SEND to become a requirement for sponsors submitting pre-clinical studies to the agency.
Four-year contract with a contract research laboratory for submit™
An independent university-based CRO has also selected Instem's submit™ solution for converting data from various source systems into SEND files. The CRO, located in Chicago, Illinois, conducts research programs for clients such as the National Cancer Institute and the World Health Organization, as well as traditional pharmaceutical and biotechnology sponsors.
Phil Reason, CEO of Instem, commented: "We are delighted to have won these contracts, which collectively demonstrate the breadth of client types that can benefit from our Centrus-submit™ solution. We are witnessing increasing sales of submit™ and the product suite is also creating a number of cross-selling opportunities for our other offerings. While currently commanding the emerging SEND solution market with 30 licensed sites, we believe this represents less than 5% of the total addressable market once it is fully developed."
"As awareness increases amongstorganisations that the FDA is seeking to mandate SEND for future studies, Instem is well situated to further accelerate its leading market position. Securing six more contracts with a range of high quality customers serves to strengthen our confidence in the quality and value of our proposition for this expanding market. Although these contracts help to underpin our financial expectations, they are not the high value contracts referred to in our interim results statement in September. These remain in discussion and will be subject to separate announcement if and when concluded."
For further information, please contact:
Instem plc | www.instem.com |
Phil Reason, CEO | Tel: +44 (0) 1785 825 600 |
Nigel Goldsmith, CFO |
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N+1 Singer (Nominated Adviser & Broker) | Tel: +44 (0) 20 7496 3000 |
Richard Lindley |
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Nick Owen |
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Walbrook PR Ltd | Tel: +44 (0) 20 7933 8780 or instem@walbrookpr.com |
Bob Huxford | Mob: +44 (0)7747 635 908 |
Sam Allen | Mob: +44 (0)7884 664 686 |
About Instem
Instem is a leading supplier of IT applications to the early development healthcare market delivering compelling solutionsfor data collection, management and analysis across the R&D continuum. Instem applications are in use by customers worldwide, meeting the rapidly expanding needs of life science and healthcare organisations for data-driven decision making leading to safer, more effective products.
Instem's portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.
Instem supports over 400 clients through full service offices in the United States, United Kingdom and China with additional locations in India and a full service distributor based in Japan.
To learn more about Instem solutions and its mission, please visit www.instem.com.